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Dec 31, 2025
SPX Q4 2025 Earnings Report
SPX Technologies reported strong fourth quarter and full-year 2025 results with double-digit growth across key metrics.
Key Takeaways
SPX Technologies delivered a robust Q4 2025, with revenue increasing 19.4% year-over-year to $637.3 million. The company saw significant growth in both its HVAC and Detection & Measurement segments, driven by organic demand and strategic acquisitions like Sigma & Omega and KTS. Adjusted EBITDA and Adjusted EPS both grew by over 20% for the full year, and the company introduced optimistic 2026 guidance.
Q4 revenue grew 19.4% YoY to $637.3 million, driven by strong demand in heating and cooling products.
Adjusted EPS for Q4 increased 24.5% to $1.88, while GAAP EPS rose 29.4% to $1.54.
The HVAC segment saw 16.4% total growth, supported by 10.3% organic growth and higher production capacity.
Detection & Measurement revenue surged 26.3% in Q4, primarily due to the acquisition of KTS.
Revenue by Segment
Forward Guidance
SPX introduced 2026 guidance projecting continued double-digit growth in Adjusted EBITDA and Adjusted EPS.
Positive Outlook
- Expected 2026 revenue range of $2.535 to $2.605 billion (~13% growth at midpoint).
- Adjusted EBITDA expected to grow approximately 20% year-over-year.
- Adjusted EPS projected to increase ~15% to a range of $7.60 to $8.00.
- Anticipated margin expansion in the Detection & Measurement segment to 24.75%-25.25%.
- Strong pipeline of attractive acquisition opportunities.
Challenges Ahead
- Potential impacts from future tariffs and trade tensions.
- Uncertainty regarding the timing and successful completion of future acquisitions.
- Risks related to cyclical changes in end markets.
- Potential for increased costs of raw materials or commodities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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